Analyst Nitin Kumar noted the company's strengthening project pipeline after it announced Tuesday the completion of three projects totalling 18MW in Jul-13F.

"We estimate revenues from these projects to be largely recognized in 3Q13F at gross margin of ~10%," he said. "Along with its strides in the project business, we note that the company’s traditional module business remains strong with the announcement last week of a 91MW module supply agreement with Soleq Solar in Thailand. We see Canadian Solar becoming the first China-based solar company to be profitable in FY13F."

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